The US dollar index stumbles on Thursday morning in Asia and is seen edging towards 97 mark, coming off two-week high. Dollar pulled back as Fed minutes show that the median response among Fed policymakers implies two 25-basis-point cuts to the benchmark federal funds rate in both 2025 and 2026. The 12-member Federal Open Market Committee (FOMC) unanimously voted to hold the fed funds rate steady at 4.25% to 4.5% following its June 17-18 meeting. Most participants assessed that some reduction in the target range for the federal funds rate this year would likely be appropriate, noting that upward pressure on inflation from tariffs may be temporary or modest, that medium- and longer-term inflation expectations had remained well anchored, or that some weakening of economic activity and labor market conditions could occur, it said. The dollar index that measures the greenback against a basket of currencies is quoting at 97.07, down 0.12% on the day.

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